Hengrui Pharma(SH:600276) Xin Lang Cai Jing·2025-07-30 08:32Core Viewpoint - The pharmaceutical industry has experienced a significant recovery in both performance and stock prices since 2025, with companies like Heng Rui Medicine achieving notable milestones [1][4]. Company Highlights - Heng Rui Medicine (600276.SH) has recently returned to a market capitalization of 400 billion yuan, reaching a new high in stock price over the past few years [2][3]. - The company secured a major contract worth $12 billion, leading to a stock price surge and a market cap milestone not seen in four years [3]. - Heng Rui announced a partnership with GlaxoSmithKline (GSK) for the global exclusive rights to the HRS-9821 project and up to 11 additional projects, with an initial payment of $500 million from GSK [3]. - If all milestones are met, Heng Rui could receive a total potential payment of approximately $12 billion, equivalent to about 86 billion yuan [3]. - As of July 30, 2025, Heng Rui's stock price was 63.59 yuan per share, reflecting a 39.15% increase since the beginning of 2025 [5]. R&D and Financial Performance - Heng Rui Medicine is focused on drug research, production, and sales, with a strong emphasis on unmet clinical needs in various therapeutic areas [6]. - In 2024, the company invested 8.228 billion yuan in R&D, accounting for 29.4% of its sales revenue, and operates 14 R&D centers globally with over 5,500 staff [6]. - The company has accelerated its clinical product development, achieving an average of one product entering clinical trials every three days, with 114 products approved in 2024 and an additional 69 by mid-2025 [7]. - After experiencing revenue and profit declines in 2021 and 2022, Heng Rui's performance improved in 2023, with revenue and net profit growing by 7.26% and 10.14%, respectively [9]. - In 2024, Heng Rui achieved revenue of 27.985 billion yuan, a year-on-year increase of 22.63%, and a net profit of 6.337 billion yuan, up 47.28% [9]. - The company continued its growth trajectory in 2025, reporting a revenue of 7.206 billion yuan in Q1, a 20.14% increase year-on-year, and a net profit of 1.876 billion yuan, up 37.22% [10].